Financial Literacy Scale Development: Reliability and Validity Analysis on Managers in Institutions Affiliated to Istanbul Provincial Health Directorate

This study presents a scale development study to measure the financial literacy level of managers working in organizations affiliated with the Istanbul Provincial Health Directorate. The sample of the research consisted of a total of 240 managers working in Istanbul Provincial Health Directorate. The main population of the study includes a total of 500 managers in organizations affiliated with the Istanbul Provincial Health Directorate, so it can be said that the sample is sufficient. When the distribution of the participants according to their demographic characteristics is examined, they are presented on the basis of gender, age, marital status, management tenure, educational status, staff/title and position. Additionally, financial information such as monthly income, savings rate, participation in the private pension system and financial literacy training are also included. The validity of the scale was examined based on expert opinions and its content was found to be compatible with the concept of financial literacy. In terms of validity, the KMO (Kaiser–Meyer–Olkin) coefficient was determined as 0.854 and the Bartlett Test of Sphericity significance level was determined as < 0.05, indicating that the data is suitable for factor analysis. Factor analysis results showed that the scale was grouped under six different factors: Fundamentals of Finance, Investment Instruments and Financing, Debt and Risk Management, Personal Finance Management, Cryptocurrencies and Digital Assets, and Personal Finance and Planning. These factors reflect the scale’s suitability for measuring different areas of financial literacy. Scale reliability was evaluated using Cronbach Alpha statistics as a result of internal consistency analysis and the result was found to be 0.78. This high value shows that the scale is reliable and measures the level of financial literacy reliably. As a result, this study aimed to develop a reliable and valid financial literacy scale for managers working in Istanbul Provincial Health Directorate. This scale can be used as an effective tool to evaluate the financial literacy level of managers who will make financial decisions in the healthcare sector. Factor analysis results confirmed that the structure of the scale was explainable and the KMO test result confirmed that the scale was suitable for factor analysis.